SUBMITTED REPORT

The city of San Marcos has received an unqualified clean opinion following an independent audit conducted by the auditing firm of Pattillo, Brown and Hill LLP for the fiscal year that ended Sept. 30.

The auditing firm and the city finance department produced a 150-page Comprehensive Annual Financial Report that details the city’s financial position at the end of the last fiscal year. The report is posted at the end of this article.

“Our finance department, along with all of our departments, works extremely hard to properly manage and account for taxpayer and ratepayer dollars,” said City Manager Jim Nuse. “The unqualified opinion by the independent auditors reassures our citizens of the city’s diligence in financial management.”

The report is required by the City Charter and summarizes and assesses the city’s financial condition for all of its funds.

The report provides details about 19 governmental funds and five enterprise funds operated by the City of San Marcos, including the General Fund,  Electric Utility Fund and Water/ Wastewater Fund.

The total city budget for FY 2011 was $147.8 million. The city of San Marcos provides a full range of community services, which include police and fire protection; construction and maintenance of streets and other infrastructure; recreational activities and cultural events. In addition to general government activities, the city also provides electric, water, wastewater, storm water drainage, solid waste, nutrition programs, and airport services.

Some of the highlights of the report include:

• City assets exceeded its liabilities by $226 million in net assets, including $65.3 million in unrestricted net assets.
• All funds were in compliance with the City Council’s financial policy of maintaining 90 days of operating funds.
• The city’s ending fund balances totaled $65.9 million, a decrease of $14.7 million compared to the 2010 fiscal year due to completion of capital projects.
• The city’s total debt decreased by $11.9 million during the fiscal year.
• The city issued $17.2 million in General Obligation Refunding Bonds in FY 2011.

City of San Marcos Comprehensive Financial Report FY 2011-12